Wake of COVID-19

Navigating the Real Estate Industry in the Wake of Covid-19

Simon Kafati FirstBank Assistant Vice President, Mortgage & Consumer Lending

When, and how, will people get back to buying and selling houses? That’s one of the questions keeping many of us awake at night. A number of real estate transactions have been put on hold as our communities confront the health effects of the COVID-19 pandemic. As the “new normal” begins to take shape, there is an opportunity for real estate agents to strengthen their services.

As we begin to navigate the next phase of restrictions, here are four essential tips and easy-to-implement tactics that will help you strengthen your business and fortify client relationships.

1. Know the facts – Ever since the coronavirus first emerged in the news, the story has been changing and developing with breathtaking speed. In order to understand the issues and regulations as they relate to the real estate industry, including social distancing regulations, you have to tap into reputable trade sources. Since each state has different laws regulating real estate transactions, it’s important to follow the national industry news as well as the latest developments for Colorado.

Tactics: Resources like the National Association of REALTORS® website provide helpful industry information at a national scale. For Colorado-specific information, stay tuned into the Colorado Association of REALTORS®’ dedicated portal in order to conduct business activities, like showings, safely.

2. Serve, don’t sell – Right now, people across the country are facing multiple crises that are affecting their health, families, jobs, and finances. This is not the time to be sending out glossy sales listings or strong marketing messages. Instead, focus on how you can be of service to the members of your community. Ask your neighbors, clients and colleagues how they’re doing. What do they need? What do their neighbors or family members need? Let people in your online social circles know, in a low-key way, that you’re available to help.

Tactics: Tap into NextDoor to see what your neighbors and community may need help with or reach out to clients, friends, and your network with a simple phone call or email to check in. Also consider creating care packages for clients, neighbors or prospective clients and drop them off on the front porch. Include comfort snacks, coffee and tea, recipe cards, and tips for stress relief with a personalized note. Looking for ways to help, not sell, people during this time will help you build relationships and make connections that can lead to business in the future.

Provide great information – Along with practical help, people are hungry for news and information they can use. According to the latest data from LiveIntent researchers, emails focused on health and fitness have seen a 34 percent increase in opens, and e-newsletters have pulled a 23 percent uptick in open rates in the past month. Think of how you can use your website, blog, emails, and social media to offer valuable content to the people you know and serve. Tactics: Make sure your content is easy to share and highly relevant to people in your specific communities. What local restaurants are offering takeout or delivery? What are some great apps or websites with ideas for keeping kids busy and happy? Are people in your community looking for at-home fitness classes? Although inventory is low in Colorado, making it difficult for buyers to find homes, refinancing activity is high. If you can provide information and help people navigate the re-fi landscape, you’ll be laying the groundwork for stronger relationships further down the line. Brush up on your skills – This is a perfect time for online professional development that will pay off in spades when business picks up again. Look for opportunities to hone your video skills, lead generation tactics or marketing efforts. Those will be beneficial to your business long-term. Tactics: Invest time into learning how to successfully leverage video platforms like Zoom, Skype or FaceTime to facilitate meetings. Test out apps like Magisto which will help you capture and edit video footage on your phone or explore email marketing tools like BombBomb to easily record and send video emails to clients and prospects. Remember that you don’t have to wait for the end of social distancing regulations to add more information to listings that give buyers a better idea about the property’s features. While you may be able to show homes by limiting the number of people in the home, there are still plenty of interested home buyers who might still prefer to limit their in-person interactions. While these are trying times, there are plenty of things you can do now to expand your toolkit, helping to ensure a more secure future for your business. Not only will that help you sleep better at night – it will make you part of a stronger, more resilient future for your communities and clients. Think of how you can use your website, blog, emails, and social media to offer valuable content to the people you know or serve.